The impact the coronavirus has had on the United States is astronomical. We are living in an unpredictable time, but it’s something we will get through together. Ace Mortgage Loan Company believes that by following all CDC recommendations, we will find a way to eradicate the coronavirus. Almost every aspect of daily life has been adjusted in response to the coronavirus, expect for what to do if you were about to take out a mortgage or wanted to refinance your mortgage. Between unpredictable interest rates, canceled open houses, and being quarantined in your home, you probably haven’t faced this type of situation before. You may decide to put off buying a home until the pandemic settles down. But if you want to continue with the process, Ace Mortgage Loan Company wants to recommend 4 things for protecting your mortgage during a pandemic.
- Keep an Eye on Mortgage Rates
In response to the coronavirus, mortgage interest rates are swiftly changing. In 2020 alone, the Federal Reserve has lowered its rate twice, so why haven’t mortgage rates lowered? Compared to interest rates, mortgage rates do not share the same correlation. The Federal Funds rate affects mainly short-term loan rate. Mortgage and other long-term rates may also be affected, but the change won’t be as instant as the short-term loan rate. The current mortgage rate is based upon the housing market demand. Since the coronavirus pandemic started, the housing market demand has shifted a different direction each day. With the economy working to maintain steady, mortgages are in a bind for whether they will be raised or decreased. In a typical recession, mortgages rates fall, and it may be expected to occur through the coronavirus. At Ace Mortgage Loan Company, we recommend current buyers to keep a watchful eye on the mortgage rates and consider when is the best time to get a loan.
- Start the Process as Early as Possible
With increased wait times occurring as a result of the coronavirus, you will want to begin all the paperwork as early as you can. If you don’t start now, you could end up waiting for a very long time. Because of the increase in refinancing applications, the mortgage lending process is slowing down. Not only is the coronavirus slowing down loan companies, but they also are slowing down appraisals, a major step in buying a home. Fewer appraisals are occurring since many places are under quarantine; therefore, fewer offers can be made. You’ll need to start your process now to be in the front of the line for when the quarantine ends.
- Speak to Representatives Remotely
Since the beginning of the coronavirus pandemic, Ace Mortgage Loan Company has remained opened and has followed all CDC recommendations. We welcome all customers and try to maintain that social distancing is established amongst parties. However, Ace Mortgage Loan Company recommends that if you can speak to a representative via a phone call or FaceTime, please do this to keep from potentially spreading COVID-19. Our team is happy to answer any and all questions 24 hours a day, seven days a week.
- Choose A Company Who Takes the Coronavirus Seriously
During this trying time, you deserve a company that is willing to go above and beyond to help you secure a loan. At Ace Mortgage Loan Company, we want to help all clients have the ability to get a home mortgage, even during this pandemic. You deserve a company that acknowledges the severity of the coronavirus and will still work with you with the best service possible. We hope you give Ace Mortgage Loan Company to be that company for you! If you’re ready to get started, please call us today at (954) 777-4774 or visit our “Contact Us” page on our website.